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A major impact area that can have direct benefit to communities in the provision of infrastructure. Education as well as telecommunication is a very important source of economic growth. The McKinsey Global Institute recently estimated that over the next fifteen year the world needs to spend $57 trillion on infrastructure to realise global economic growth … The purpose of the paper is to examine the impact of infrastructure investment and development on economic growth in Brazil, Russia, India, China and South Africa (BRICS) countries. This paper has attempted infrastructural development and its effect on economic growth: The Nigerian perspective. A number of papers on infrastructural Apart from improving accessibility, infrastructure development brings along trade and investment opportunities to the previously unconnected regions. Infrastructure enhances trade, export, foreign direct investment, and economic growth. Productivity, growth and economic competitiveness are higher in countries with effective transport infrastructure services. Transport infrastructure and economic growth are intertwined. Due to immense inequality of regional economic development, Chu and Li et al. A short revision video on the importance of infrastructure spending for both aggregate demand and long run aggregate supply. Empirical studies mainly use Cobb-Douglas production function in the neoclassical growth model, and incorporate infrastructure as an input. Abstract. 3 Public policy, dynamic status preferences, and wealth inequality Calderon and Serven provide an empirical evaluation of the impact of infrastructure development on economic growth and income distribution using a large panel data set encompassing over 100 countries and spanning the years 1960-2000. 33, No. This work covered a period of 31 years from 1980-2011. Estache and Fay (2009) suggest that, in addition to the channels mentioned above, investment in public infrastructure can also impact investment adjustment costs, the durability of private capital, and both the demand for and supply of health and education services. Road infrastructure has been found to be a significant factor of economic growth and development. This work covered a period of 31 years from 1980-2011. Infrastructure is disaggregated into economic and social infrastructure to analyze its impact on economic growth. 2. Similarly, port infrastructure quality, logistics performance and seaborne trade may have varying impact on different economies of the world. This is because economic growth is linked to poverty reduction and improved access to infrastructural services induces economic growth in a cyclical manner. This paper provides an empirical evaluation of the impact of infrastructure development on economic growth and income distribution using a large panel data set encompassing over 100 countries and spanning the years 1960-2000. It covers those supporting services that help the growth of directly productive activities like agriculture and industry. The study attempts to examine the impact of infrastructure investment on economic growth in Pakistan. THE IMPACT OF INFRASTRUCTURE ON ECONOMIC GROWTH: A CASE STUDY OF NIGERIA (1980-2011) ABSTRACT This research work attempts to provide empirical evidence of the impact of infrastructure on economic growth in Nigeria. Impacts of Transport Infrastructure on Productivity and Economic Growth: Recent Advances and Research Challenges. Effective and efficient transport infrastructure (road, rail, air, etc.) 24, No. The study attempts to find out the impact of infrastructural development on the state-wise socio-economic growth in India and also to analyze the difference in impact among the selected sixteen states in India. A robust transportation system is a catalyst for economic growth and development. A major impact area that can have direct benefit to communities in the provision of infrastructure. Moreover, it will impact directly on the poor, thus reducing poverty. Better management of economic infrastructure would have positive output, income, and employment effects on the economy. Literature Review Infrastructure occupies a very important position in the growth process. 6, pp. The financial infrastructure has a strong bearing on the process of economic growth. It is also an economic investment since it enhance the stock of human capital. JOURNAL OF SMART ECONOMIC GROWTH www.jseg.ro ISSN: 2537-141X Volume 1, Number 2, Year 2017 16 budget to infrastructure development. Moreover, it will impact directly on the poor, thus reducing poverty. Greater supply elasticity of goods and lower production costs of DPAs (Development projects) should have an anti - inflationary effect. In Nigeria under investment in infrastructural development could be a bane to her vision of becoming a top 20 economy by the year 2020. compared the impact of logistics development on regional economic growth of China for coastal provinces and inland provinces. The prime aim of this study is to explore the effect of infrastructure on long-run economic growth of Pakistan for the time period 1971–2014 using Autoregressive Distributed Lag (ARDL) method. It may be noted that with large investment in infrastructure during the last decade (2003-04 to 2013-14) India has become the second fastest growing economy of the world but in the two years (2012- March 2014) economic growth slowed down and this has been mainly due to the stalled infrastructure projects which held back economic development. There is clear evidence that Investment in infrastructure leads to the growth of a countries economy and the improved wellbeing of its people. A slowdown in government expenditure on social and economic infrastructure was witnessed following the global financial and economic crisis in 2008/9. At the heart of this is the belief that infrastructure is critical for economic development, and that developing economies would need to invest significantly to address infrastructure needs, reduce infrastructure gap, in order to develop their economies. The Impact of Infrastructure on Growth in Developing Countries: Dynamic Panel Data Analysis: 10.4018/978-1-5225-2361-1.ch003: Infrastructure and growth nexus has been debated in the literature since 1980s. The research work made use of the ordinary lease square (OLS) technique to capture the effect of infrastructure on economic growth. 686-699. The research work made use of the ordinary lease square (OLS) technique to capture the effect of infrastructure on economic growth. In fact, it is as imperative for economic growth as a runway for an aero plane to take off. infrastructure program is therefore expected to support economic growth in Barbados. other channels through which public infrastructure may impact growth. The economic impact of hosting the Olympics tends to be less positive than anticipated. The research work made use of the ordinary lease square (OLS) technique to capture the effect of infrastructure on economic growth. Roads, water systems, mass transportation, airports and utilities are all examples of infrastructure. is a pre-requisite for opening up production zones in landlocked countries. Transport Reviews: Vol. Economic growth places rising demand on a country's infrastructure assets and the UK is ranked only 28th out of 138 countries globally for the perceived quality of our transport, telecoms, power and other critical infrastructure. The impact of infrastructure development on economic growth in sub-Saharan Africa with special focus on Ghana Journal of Financial Management of Property and Construction, Vol. Although infrastructure can lead to wide range of economic and social outcomes, the area that has received the closest attention in terms of empirical analysis is the impact of infrastructure spending on economic output, and the size of the growth effects has been the subject of … This research work attempts to provide empirical evidence of the impact of infrastructure on economic growth in Nigeria. The effect is examined for each country separately and also collectively by combining each country. 1.1 Investment in East Asia and High Economic Growth Infrastructure plays a key role in facilitating trade, especially since recent trade liberalization in Asia has resulted in significant tariff reductions. This debate has a vital importance for the sake of developing countries. The study aims to investigate the impact of infrastructure on the economic growth of South Asia. The finding shows that infrastructure has great impact on the economic growth of Nigeria. Infrastructure is basically the base in which economic growth is built upon. Downloadable! Throughout history, major milestones in transportation technology have stimulated economic progress and extensively improved the quality of the life of the people. This study quantifies the impacts of both hard and soft infrastructure on trade volume for exporters and importers in the region as well as on various economic growth indicators. Reliable road and rail transport allows companies to import and export goods. It implies that the growth of financial infrastructure is a precondition for launching the process of economic growth … In order to assess the effect of the CIP on economic activity near individual beach sites, the analysis requires that economic activity be measured at a sufficiently small geographic level to capture the localized impact … Results reveal that road infrastructure has negative influence on per capita GDP. The direct and indirect effects of transportation infrastructure have a positive impact on the economic growth and development of a country. (2013). These This is because economic growth is linked to poverty reduction and improved access to infrastructural services induces economic growth in a cyclical manner. For this purpose, social and economic infrastructure indices are constructed using Principle Component Analysis and VECM is applied to estimate the long-run as well as short-run relationship between the variables. The Biden Infrastructure Initiative - Intent, Velocity & Impact Driving 3% Growth Through 2025 Norman Anderson Contributor Opinions expressed by Forbes Contributors are their own.
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